BTC price will rise according to a prediction
The BTC price until the end of the week will fluctuate between $34.8-41.3 thousand, as explained by the chief cryptocurrency strategist of TomiEx Anjey Kovalchuk, the trend to the fall of the rate will be suspended.
“Technical levels are driven by support in the last week of January and resistance that has been outlined since January 7. The falling trend will suspend. The reason for moderate optimism on the value of the bitcoin is that the market should stand still a bit after another update of the minimum values,” said Kovalchuk.
The expert says: market laws are such that now buyers will be shown buying, and sellers will be shown the mood to go down to lower values. Kovalchuk notes that this is a standard tactic of behavior in the financial markets, in which both private investors and institutional ones are gaining ground.
“There will also be stop orders set up here, which large bidders will go after later. Among the news that we consider important, verbal drivers, global cryptocurrency market regulation issues, inflation concerns, monetary policy decisions by the US and other financial regulators and political triggers are still leading the way,” the specialist pointed out.
According to him, special bursts of trading volatility are expected on Friday, February 4, when the U.S. will publish data on the change in nonfarm payrolls for January 2022. “Statistics from the U.S., as a time-specific publication factor, are always considered by cryptocurrency market participants,” explained TomiEx’s chief cryptocurrency strategist.
As of 12:27 a.m. (Feb. 3), bitcoin is worth $36,300, according to data from cryptocurrency exchange CoinDesk. During the day, the rate collapsed by 5.46%.
Experts have different forecasts about the value of the main crypto-asset in 2022. According to Rromptnews, the rate of bitcoin may increase up to almost $200 thousand, according to several leading cryptocurrency analysts.
Reaching a new high in 2021, BTC price is recovering from its worst month since May. Brock Pierce and Tom Lee, co-founders of Fundstrat Global Advisors, believe bitcoin will reach unprecedented highs in 2022.
As previously reported, India has decided to join the list of countries that will issue a central bank digital currency (CBDC). The state cryptocurrency, the digital rupee, will appear before the end of the current fiscal year, while other cryptocurrencies, particularly bitcoin and Ethereum, will be taxed.
